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Retail Units 1-6, 38-48, Canterbury Road Newton Hall, Durham DH1 5PY

£800,000

£139.30 per sq ft

Business rates & charges may apply

Connect Property North East Ltd, Stockton-On-Tees
SIZE AVAILABLE

5,743 sq ft

534 sq m

SECTOR

Out-of-town retail property for sale

Key features

  • INVESTMENT
  • Local Retail Parade
  • Freehold
  • 100% Occupancy
  • Income £68,500 pax.

Description

Situated in Canterbury Road approximately 3 miles North East of Durham City centre in a predominantly residential area. The parade primary serves the immediate residential catchment.

INVESTMENT SUMMARY
• Local Retail Parade
• Freehold
• 100% occupancy
• Income £68,500 pax with potential to increase rent on lease renewal in unit 6
• Offers in the region of £800,000 (Eight Hundred Thousand Pounds) exclusive, Subject to Contract
• Net returns of 8.12 allowing for standard purchasers’ costs at 5.49%. With a reversion to 9% on the lease renewal of unit 6 in our opinion.

The premises comprises of a single-storey property under a flat roof. The property is serviced at the rear from a shared car park which has been resurfaced and is owned by Durham County Council.

DEMISE
Outlined Red Line is the freehold Title for sale. Green shaded is the pubs ownership. Durham County Council Pink area (carpark & access Road) is made up to Adoptable Standards. Day to day the council maintain the grass verges and the trees.

PLANNING
The property is currently E class use under the Use Classes Order. It could be suitable for a variety of uses in the future, subject to planning.

LEGAL FEES
Each party is to be responsible for their own legal fees incurred with any transaction.

VAT
Any references to price, premium or rent are deemed to be exclusive of Value Added Tax unless expressly stated otherwise and any offer received will be deemed to be exclusive of VAT.

ENERGY PERFORMANCE CERTIFICATE
The Energy Performance Asset Rating is being assessed. A full copy of the EPC will be available for inspection.

PRICE
Offers in the region of £800,000 (Eight Hundred Thousand Pounds) exclusive, Subject to Contract
Net returns of 8.12% allowing for standard purchasers’ costs at 5.49%. With a reversion to 9% on the lease renewal of unit 6 in our opinion.

MONEY LAUNDERING
In accordance with the Anti-Money Laundering Regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser.

Accommodation:
Retail: 5,743.00 sqft

Brochures

Retail Units 1-6, 38-48, Canterbury Road Newton Hall, Durham DH1 5PY

Approximate location
Open mapStreet View

NEAREST STATIONS

Distances are straight line measurements from the centre of the postcode
  • Durham Station1.7 miles
  • Chester-le-Street Station3.6 miles

About Connect Property North East Ltd, Stockton-On-Tees

4 Halegrove Court Cygnet Drive Preston Farm Business Park TS18 3DB

Connect Property North East is a niche practice of Chartered Surveyors. We provide agency and property advice throughout the North East & Yorkshire.

We are passionate about property and getting the best results for our clients, both new and existing. We are experts in the Retail, Office, Industrial, Investment and Development sectors. Our direct and personal approach to all the work we undertake has built trust and long term relationships with our clients.

Thanks to our industry connections and broad sector experience, we are able to make recommendations on key referrals for wider property matters such as Rating, Planning, Landlord & Tenant, Architecture, Building Surveying, Plant & Machinery and Valuation. Our clients appreciate this objective approach to recommending complementary services.

Notes

These notes are private, only you can see them.

Disclaimer - Property reference 104308. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Connect Property North East Ltd, Stockton-On-Tees. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.

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